Nev. Admin. Code § 361.620 — 361.620

NAC 361.620    Grant of abatement by Commission. ( NRS 361.0775 )
1.  Except as otherwise provided in
subsection 2, if the Commission determines that the application satisfies all
requirements of NAC 361.617 to 361.620 , inclusive, the Commission will
grant a partial abatement of the taxes on real property payable each year
pursuant to chapter 361 of NRS in
accordance with the following table:
LEED
Level
LEED-NC
Points
LEED-EB
Points
Term
of Abatement
Amount
of Abatement
Silver
33
to 36
40
to 45
10
years
35
to 42 percent
5
to 7 years
50
percent
37
or 38
46
or 47
10
years
43
to 48 percent
8
or 9 years
50
percent
Gold
39
or more
48
or more
10
years
49
or 50 percent
2.  The Commission will reduce the partial
abatement of real property taxes authorized by subsection 1 to the extent
necessary to ensure that:
(a) If the real property for which the partial
abatement is sought is located in a redevelopment area created pursuant to chapter 279 of NRS, the partial abatement
authorized by subsection 1 together with any partial abatement of taxes to
which the owner of the property is entitled pursuant to NRS 361.4722 , 361.4723 or 361.4724 does not exceed 82 percent
of the assessed value of the property; and
(b) The partial abatement authorized by subsection
1 does not result in the inability of a local government to pay debt service on
any obligation or of a redevelopment agency created pursuant to chapter 279 of NRS to pay any outstanding
indebtedness.
3.  If the Commission grants a partial
abatement of real property taxes, the abatement applies beginning July 1 of the
next following fiscal year, unless the applicant and the governing body of the
local government whose tax revenue will be affected by the abatement agree upon
a different date and the governing body provides written authorization for the
different date.
4.  Upon granting a partial abatement of real
property taxes, the Commission will issue a certificate of eligibility for the
abatement that sets forth all parcel numbers of the affected property and the
percentage of the taxes on real property payable each year pursuant to chapter 361 of NRS and duration for which
the abatement is granted.
5.  As used in this section, unless the
context otherwise requires:
(a) “LEED-EB” means the LEED Green Building Rating
System for Existing Buildings, Upgrades, Operations and Maintenance; and
(b) “LEED-NC” means the LEED Green Building Rating
System for New Construction & Major Renovations.
(Added to NAC by Comm’n on Econ. Development by R220-05,
eff. 9-18-2006)
EQUALIZATION BY COUNTY BOARD OF EQUALIZATION